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Employers in the U.S. announced more job cuts in April than a year earlier, led by education and government agencies.
Planned firings rose 11 percent to 40,559 from April 2011, according to figures released today by Chicago-based Challenger, Gray & Christmas Inc. The monthly average of 45,913 cuts through the first four months of this year is lower than the full-year average of 50,507 for 2011.
Employers in education, government, and the consumer goods and transportation industries are easing the pace of dismissals even as they continue to trim headcount, the report said. Job creation in the world
The free credit score industry has been booming since the recession as a lot of people hit hard times and want to keep an eye on how the recession has affected their credit standing.
South Sudan’s president said its northern neighbor has “declared war” on the world’s newest nation, just hours after Sudanese jets dropped eight bombs on his country.
President Salva Kiir’s comments, made Tuesday during a trip to China, signal a rise in rhetoric between the rival nations, who spent decades at war with each other. Neither side has officially declared war.
Sudan and South Sudan have been drawing closer to a full-scale war in recent weeks over the unresolved issues of oil revenues and their disputed border. The violence has drawn alarm and condemnation from the international community, including from U.S. President Barack Obama.
South Sudan won independence from Sudan last year as part of a 2005 peace treaty that ended decades of war that killed 2 million people.
The U.N. Security Council was briefed on the situation late Tuesday and members demanded “an immediate halt to aerial bombardments by the Sudanese armed forces and urged an immediate cease-fire and return to the negotiating table,” Susan Rice, the U.S. ambassador to the United Nations and the current council president, told reporters at U.N. headquarters in New York.
Sudanese President Omar al-Bashir gave a fiery speech last week in which he said there will be no negotiations with the “poisonous insects” who are challenging Sudan’s claim to disputed territory near the border.
Kiir, the southern president, arrived in China late Monday for a five-day visit to lobby for economic and diplomatic support. China’s energy needs make it deeply vested in the future of the two Sudans. Beijing is uniquely positioned to exert influence in the conflict, given its deep trade ties to the resource-rich south and decades-long diplomatic ties with Sudan’s government in the north.
Kiir told Chinese President Hu Jintao the visit comes at a “a very critical moment for the Republic of South Sudan because our neighbor in Khartoum has declared war on the Republic of South Sudan.”
South Sudan’s military spokesman Col. Philip Aguer said that Sudanese Antonov warplanes dropped eight bombs overnight in Panakuac, where he said there was ground fighting on Monday. Aguer said he did not know how many people were killed in the attack because of poor communication links with the remote area.
On Monday, Sudanese warplanes bombed a market and an oil field in South Sudan, killing at least two people, after Sudanese ground forces reportedly crossed into South Sudan with tanks and artillery.
The U.N. Mission in South Sudan confirmed that at least 16 civilians in South Sudan were killed and 34 injured in bombings by Sudanese aircraft in Unity State, ambassador Rice told reporters. She said the mission reported that the bombings also caused significant damage to infrastructure.
Talks over oil revenue and the border issues broke down this month after violence flared. South Sudan invaded the oil-rich border town of Heglig, which Sudan claims it controls.
Following international pressure, South Sudan announced that it withdrew all its soldiers from Heglig payday loans. Sudan claimed its troops forced them out.
Rice said the Security Council welcomed the withdrawal of South Sudan’s forces from Heglig. She said many of the 15 council nations expressed concern about reports of extensive damage to oil infrastructure in Heglig.
Al-Bashir, the Sudanese president, has vowed to press ahead with his military campaign until all southern troops or affiliated forces are chased out of territory Sudan claims.
He also said he would never allow South Sudanese oil to pass through Sudan “even if they give us half the proceeds.”
Landlocked South Sudan stopped pumping oil through Sudan in January, accusing the government in Khartoum of stealing hundreds of millions of dollars of oil revenue. Sudan responded by bombing the South’s oil fields.
In Khartoum, the pro-government Sudanese Media Center said that two of Sudan’s Darfur states began implementing a ban on shipping to South Sudan. The ban was imposed by Sudan’s parliament.
Officials in the Darfur states said they warned merchants that “stern measures will be taken against any person found to be smuggling food supplies and other commodities into South Sudan,” the SMC reported.
Sudanese officials said the measures were imposed in response to the invasion of Heglig.
South Sudan government spokesman Barnaba Marial Benjamin said earlier this month that Chinese and American investors want to build oil refineries in the South in the next six to seven months.
Benjamin said the refineries will help South Sudan process fuel for local consumption. South Sudan will also build a pipeline to the Kenyan coast and another to Djibouti through Ethiopia to be able to export its oil, he said. He said both projects were meant to make South Sudan independent of Sudan’s fuel infrastructure and processing plants.
Kiir on Tuesday told Hu that he came to China because of the “great relationship” South Sudan has with China, calling it one of his country’s “economic and strategic partners.”
Both sides have tried to win Beijing’s favor, but China has been careful to cultivate ties with each. Like others in the international community, China has repeatedly urged the two sides to return to negotiations.
The White House repeated its earlier condemnation of the Sudanese incursion and called for both sides to stop fighting and hold peace talks.
“Sudan must immediately halt the aerial and artillery bombardment against South Sudan by the Sudan armed forces,” White House press secretary Jay Carney said Tuesday to reporters traveling with Obama to North Carolina. “Both governments must agree to an immediate unconditional cessation of hostilities and recommit to negotiations,”
He repeated Obama’s warning to both sides that “there is no military solution” to their differences.
Oil prices rose to near $107 a barrel Wednesday in Asia after a report showed U.S. crude supplies fell unexpectedly, a sign demand may be improving.
Benchmark oil for May delivery was up 52 cents to $106.59 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $2.49 to settle at $106.07 per barrel in New York on Tuesday after Saudi Arabia said it could pump more oil to cover any shortages.
Brent crude for May delivery was up 12 cents at $124.24 a barrel in London.
The American Petroleum Institute said late Tuesday that crude inventories fell 1.4 million barrels last week, breaking a two-month trend of growing supplies. Analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., had predicted an increase of 2.1 million barrels.
Inventories of gasoline fell 1.4 million barrels last week while distillates rose 600,000 barrels, the API said.
The Energy Department’s Energy Information Administration reports its weekly supply data later Wednesday.
Saudi Arabia, the world’s largest crude producer, said Tuesday it can quickly boost output by 25 percent if there is a sudden disruption in global supplies instant payday loans. Crude has jumped from $75 in October as traders worry a military conflict over Iran’s nuclear program could cut that country’s crude exports.
The European Union and the U.S. have imposed sanctions that make it tougher for Iran to sell its oil. In response, Iran has threatened to block oil shipments in the Strait of Hormuz, through which a fifth of world’s oil supplies pass.
Kuwait said Tuesday it is increasing crude production and that Iran has assured its neighbors that it won’t block the vital waterway.
“The Saudis have been cranking up output, presumably in an attempt to dampen further price increases,” energy consultant and trader Ritterbusch and Associates said in a report. However, “increased output won’t necessarily reduce the Iranian risk premium.”
In other energy trading, heating oil was up 0.7 cent at $3.26 per gallon and gasoline futures gained 0.5 cent at $3.36 per gallon. Natural gas fell 0.3 cent at $2.33 per 1,000 cubic feet.
The United States added 227,000 jobs in February, again surprising economists with the breadth and brawn of the economic recovery. The country has put together the strongest three months of pure job growth since the Great Recession.
The unemployment rate stayed at 8.3 percent. It was the first time in six months that the rate did not fall, but that was only because a half-million Americans, perhaps finally seeing hope in the economy, started looking for work.
The Labor Department also said Friday that December and January, already two of the best months for jobs since the recession, were even stronger than first estimated. It added 61,000 jobs to its total for those two months combined.
Economists were expecting February job growth of 210,000.
“Overall, another very strong payroll report and there’s every chance that March will bring more of the same,” said Paul Ashworth, chief U.S. economist with Capital Economics, an economic consulting company.
Since the beginning of December, the country has added 734,000 jobs. The only better three-month stretch since the recession was March through May 2010, when the government was hiring tens of thousands of temporary works for the census.
Stocks rose steadily through the morning. The Dow Jones industrial average climbed 48 points to 12,956. Last week, it closed above 13,000 for the first time since May 2008, four months before the financial crisis.
The improving jobs picture figures to improve the re-election chances for President Barack Obama and to complicate the political strategy for the Republicans competing for the right to replace him.
Obama was traveling Friday to a manufacturing plant run by Rolls-Royce, the maker of aircraft engines, in Virginia, which is expected to be closely contested in November. He planned to propose steps to help manufacturers create products and jobs.
Hiring in February was broad-based and improved in both high-paying and low-paying industries. Manufacturing, mining and the professional services industry, which includes accounting work, all added jobs.
And government _ federal, state and local _ cut only 6,000 jobs in February and a revised 1,000 in January. Last year, they cut an average of 22,000 jobs a month, taking some of the economic punch out of job creation in the private sector.
In all, 142.1 million Americans reported that they had a job in February, the highest since January 2009, during the depths of the recession. Manufacturing payrolls are the highest since April 2009.
And over the past three months, the number of employed people has risen by 1.45 million, the biggest three-month gain since March 2000.
The government uses a survey of payrolls to determine how many jobs were added or lost each month. That is the survey that produced the 277,000 number. But the payroll survey tends to undercount small businesses and does not count the self-employed.
It uses a separate survey of American households to calculate the unemployment rate cash advance flexible payments. That survey picks up hiring by companies of all sizes, including small businesses, companies just getting off the ground, farm workers and the self-employed.
The household survey found that 428,000 more Americans reported having jobs in February. When the economy is improving, many economists say, the household survey does the better job of picking up the shift because it detects small business hiring.
In the household survey, only people who are out of work and actively looking for a job are counted as unemployed. And one reason why the unemployment rate had fallen steadily over the previous five months, from 9.1 percent last August to 8.3 percent in January, was that so many people who were out of work gave up looking for a job.
But over the past two months, that trend appears to have reversed. In February, 476,000 people re-entered the labor force. Since the start of the year, that figure is almost 1 million _ the strongest two months since January and February 2003.
A catchall measure of the unemployed and the so-called underemployed _ people who are working part-time but would rather by working full-time _ fell to 14.9 percent, the lowest the three years.
That figure includes three groups: the part-time workers who want full-time work, people who are unemployed and looking for work, and people who are unemployed and have stopped looking.
Other economic indicators have improved markedly in recent weeks. Consumer confidence in February was the highest in a year, and unemployment claims, the best measure of the pace of layoffs, have averaged 355,000 a week, near a four-year low.
Service companies, which employ most Americans, are expanding faster, according to a private survey this week. The industries of mining, educational services, transportation and warehousing are particularly strong.
Some companies have to hire because they can’t squeeze any more work from their employees. Worker productivity rose last year at its slowest pace in a generation, suggesting companies will have to hire to meet growing demand.
Wages are still rising only modestly. Average hourly pay increased by 3 cents in February to $23.31. In the past year, it has gone up only 1.9 percent, trailing the rate of inflation.
The factors restraining the U.S. economy seem to be easing, or at least less damaging than they used to be. Greece has struck a deal to get an international bailout and avoid a default later this month that could have rattled the world financial system.
And while the price of gas has crept up almost every day for a month, and is the highest on record for this time of year, that has less of a bite when the economy is growing and people feel more confident.
Basketball star LeBron James is the new face of Dunkin’ Donuts — in Asia.
James will serve as "brand ambassador" for Dunkin’ Donuts and Baskin-Robbins ice cream in China, Taiwan, India and South Korea, a company spokeswoman said Monday.
The Miami Heat player has signed a "multi-year marketing partnership," but the company would not reveal how much money is involved.
Dunkin’ Donuts and Baskin-Robbins is a subsidiary of Dunkin’ Brands Group ().
James has played more than 600 games with the National Basketball Association. He is a seven-time All-Star and a two-time MVP.
Wendy’s is still recovering from its split with Arby’s.
The Dublin, Ohio-based company on Thursday said it swung to a fourth-quarter profit of $3.9 million, or 1 cent per share, compared with a net loss of $10.8 million, or 3 cents per share, last year, when it was still a single company with the Arby’s roast beef chain.
Revenue rose 6 percent to $538.5 million.
The figures confirmed preliminary results released in January that showed revenue at restaurants open at least a year climbed 4 percent in North America, the highest in nearly eight years bad credit payday advance.
Wendy’s sold Arby’s to a private equity firm last summer to focus on improving its namesake brand.
Wendy’s says higher prices and new menu items helped drive sales and traffic in the quarter.
Home prices fell in December for a fourth straight month in most major U.S. cities, as modest sales gains in the depressed housing market have yet to lift prices.
The Standard & Poor’s/Case-Shiller home-price index shows prices dropped in December from November in 18 of the 20 cities tracked. The steepest declines were in Atlanta, Chicago and Detroit. Miami and Phoenix were the only cities to show an increase.
The declines partly reflect the typical slowdown that comes in the fall and winter.
Still, prices fell in 19 of the 20 cities in December compared to the same month in 2010. Only Detroit posted a year-over-year increase. Prices in Atlanta, Las Vegas, Seattle and Tampa dropped to their lowest points since the housing crisis began.
Nationwide, prices have fallen 34 percent nationwide since the housing bust, back to 2002 levels. A gauge of quarterly national prices, which covers 70 percent of U.S. homes, fell to its lowest point on records dating back to 1987.
“The pick-up in the economy has simply not been strong enough to keep home prices stabilized,” said David M. Blitzer, chairman of the S&P’s index committee. “If anything, it looks like we might have reentered a period of decline as we begin 2012.”
The Case-Shiller monthly index covers half of all U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The December data is the latest available.
Home values remain depressed despite some hopeful signs at the end of last year payday advances.
Builders are growing more optimistic after seeing more people express interest in buying this year. Sales of previously occupied homes are at their highest level since May 2010. More first-time buyers are making purchases. And the supply of homes fell last month to its lowest point in nearly seven years, which could push home prices higher.
Homes are the most affordable they’ve been in decades. And mortgage rates have never been cheaper.
Much of the optimism has come because hiring has picked up. More jobs are critical to a housing rebound.
But home prices tend to lag behind sales, which are still below healthy levels. And a large number of vacant homes are sitting idle on the market, which means prices will likely stay unchanged for several years.
Conditions are improving for those in position to buy a home. Still, many people can’t afford to buy or are unable to qualify for mortgage. Some people in position to buy are holding off, worried that prices could fall even further.
The biggest reason why prices are still falling is foreclosures, which are still high across the country. Foreclosures and short sales _ when a lender accepts less for a home than what is owed on a mortgage _ are selling at an average discount of 20 percent.
A settlement announced Tuesday between the Mosaic Co. and environmental groups may allow full capacity to resume at a Florida mine that accounts for nearly a fifth of the country’s phosphate rock production.
The Plymouth, Minn.-based company said that with court approval of the settlement, Mosaic could resume full production at its South Fort Meade Mine near Bowling Green, Fla.
“We’re hopeful this agreement provides the foundation to continue our constructive dialogue with these interested stakeholders as we look to the future,” said Richard Mack, Mosaic’s Executive Vice President and General Counsel. “It’s especially encouraging that this settlement includes a significant public benefit by conserving the Peaceful Horse Ranch property.”
The mine has been working at a reduced capacity since 2010 because of a lawsuit over the site’s federal wetlands permit.
Under the settlement, Mosaic will donate the nearly 4,200-acre Peaceful Horse Ranch for permanent conservation and must preserve about 130 acres of land eligible to be mined by the company.
Citi analyst P.J. Juvekar said in a statement Tuesday that full production could add up to $0.30 of earnings per share yearly for the company.
“Assuming court approval of the plan, this settlement should end uncertainty regarding the mine, which has been a drag on the stock over the past 18+ months, in our view,” Juvekar said in the statement.
The complaint was filed by the Sierra Club, along with Manasota-88 and People for Protecting the Peace River. An email seeking comment from the Sierra Club wasn’t immediately returned on Tuesday.
Fiat Group SpA, which controls Chrysler LLC, has reported that full-year earnings more than doubled as Chrysler posted its first profit since 1997.
The company says it made euro1.3 billion ($1.71 billion) in net profit last year, compared with euro520 million a year earlier, as revenue rose 66 percent to euro59.5 billion.
The results exceeded the company’s guidance. Fiat’s trading profit _ or earnings before interest, taxes and one-time items _ was euro2.3 billion, exceeding the target of more than euro2.1 billion.
Fiat said Wednesday that the results reflected higher Chrysler sales, resilient Fiat Group Auto revenues and double-digit growth at the Ferrari luxury brand.
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